Pattern Energy Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total revenue of $92,030,000 against $91,914,000 a year ago. Operating loss was $14,357,000 against operating income of $3,686,000 a year ago. Net loss before income tax was $52,215,000 against $9,739,000 a year ago. Net loss attributable to the company was $29,828,000 or $0.34 per basic and diluted share against $4,013,000 or $0.05 per basic and diluted share a year ago. Net cash provided by operating activities was $2.1 million for the third quarter of 2017 compared to $37.4 million for the same period last year. The change in the quarterly period was primarily due to increases of $21.6 million in cash payments for accounts payable and accrued liabilities due to timing of payments, $13.8 million in interest payments due to the issuance of the Unsecured Senior Notes in January 2017 and debt associated with the acquisitions in 2017, $7.3 million in transmission costs and $2.7 million in project expenses, as well as a decrease of $4.7 million in cash receipts due to timing of collections from trade receivables. Adjusted EBITDA was $54.7 million compared to $62.3 million for the same period last year. The $7.6 million change in the quarterly period was primarily due to increases of $7.3 million in transmission costs and $2.7 million in project expense, and a decrease of $0.7 million in the proportionate share of Adjusted EBITDA from unconsolidated investments. EBITDA was $31,145,000 compared to $55,599,000 for the same period last year. Net loss was $48,376,000 against $11,050,000 a year ago.

For the nine months, the company reported total revenue of $300,623,000 against $272,991,000 a year ago. Operating income was $4,778,000 against $10,414,000 a year ago. Net loss before income tax was $55,044,000 against $51,706,000 a year ago. Net loss attributable to the company was $9,955,000 or $0.12 per basic and diluted share against $30,906,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $159,330,000 against $107,371,000 a year ago. Capital expenditures were $44,295,000 against $31,554,000 a year ago. Adjusted EBITDA was $244.8 million compared to $219.0 million for the same period last year. EBITDA was $174,594,000 compared to $146,174,000 for the same period last year. Net loss was $60,521,000 against $55,744,000 a year ago.

The company is narrowing its targeted annual cash available for distribution for 2017 to a range of $145 million to $160 million. The new range maintains the midpoint of the original range and that midpoint represents an increase of 15% compared to cash available for distribution in 2016. The range assumes long-term average proportionate production of the fleet for the remainder of 2017 and takes into account a potential adverse impact of any extended electric grid outage in Puerto Rico during the fourth quarter of 2017.